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Donald Trump is close to starting a #trade war with China. And China’s latest retaliatory tariffs are hitting Trump voters the hardest.

Published on April 5, 2018 by   ·   No Comments

TRUMP says TRADE WARS are GOOD & EASY to WIN In 1930, REPUBLICANS started TRADE WAR which led to 9 more years of DEPRESSION TRUMP loved HOUSING CRASH. Made BIGLY MONEY. Middle class lost homes, equity for retirement, SUFFERED HUGELY.

Donald Trump is close to starting a trade war with China. And China’s latest retaliatory tariffs are hitting Trump voters the hardest.

trade war

Trump: “Trade wars are good and easy to win” from CNBC.

On March 1, President Donald Trump unexpectedly announced that he would dramatically increase tariffs on steel and aluminum imports. The next day, he defended his controversial decision to tax steel imports at 25 percent and aluminum ones at 10 percent, tweeting that “trade wars are good, and easy to win.”

Since then, many economists have publicly disagreed that raising tariffs so sharply will improve the economy, as Trump asserts it will. In particular, experts have pointed to the failure of the Smoot-Hawley Tariff Act, passed in June 1930, to protect U.S. industries with tariff increases.

Although this came several months after the stock market crash of 1929, the U.S. hadn’t yet entered “the full onset of the Great Depression,” says Claude Barfield, a resident scholar at the American Enterprise Institute. The thinking among Congress and President Herbert Hoover was that by raising taxes on thousands of imports no matter what country they came from, the act would protect American farmers and secure the nation’s economy. But experts disagreed.

 

A political cartoon showing President Herbert Hoover explaining his farm relief program to a farmer. The relief program is shown as a straw scarecrow scaring off hard times depicted as birds. (Credit: MPI/Getty Images)

A political cartoon showing President Herbert Hoover explaining his farm relief program to a farmer. The relief program is shown as a straw scarecrow scaring off hard times depicted as birds. (Credit: MPI/Getty Images)

find more  The Great Depression Lesson About ‘Trade Wars’

As a trade showdown between the U.S. and China escalates, there’s fears of how a trade war could hurt both countries. Special correspondent Katrina Yu reports from Beijing on how recently announced tariffs will affect farmers, importers, retailers and consumers on both sides of the Pacific.

 

Trump proposes new tariffs on Chinese imports from CNBC.

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